In this episode of the “Modern Wisdom” podcast, host Erik Angner, an economist and philosopher, shares his insights on how economics can guide us towards a happier and more fulfilling life. He explores the intersection of economics and philosophy, providing data-driven perspectives on various aspects of human well-being. From the importance of setting realistic expectations to the impact of public policies on parenting, Angner offers thought-provoking ideas on living a good life.
Erik Angner highlights the valuable insights that economists can provide into living a good life. By blending economics and philosophy, he offers a unique perspective on decision-making and the values at stake. Economics is not just about financial matters but encompasses various aspects of human well-being, including crime, climate change, and family formation. By utilizing economic tools, we can address these big problems and make informed choices.
Angner emphasizes the distinction between happiness and well-being. While happiness is a fleeting mental state, well-being reflects the overall state of our lives. Lowering standards is not the solution to happiness; instead, setting realistic expectations and working towards meaningful goals can provide a sense of pride and purpose. Expectations, well-being, happiness, and aspirations are interconnected, and managing them effectively can lead to a more fulfilling life.
Angner delves into the impact of having children on happiness and well-being. While having children may lead to less happiness compared to not having children, it brings a sense of meaning and connection to something bigger than oneself. Parenthood involves sacrifices and challenges, but it also provides non-financial satisfaction. Recognizing the difficulties of parenting and valuing the importance of sleep and self-care can lead to a more balanced and fulfilling experience.
Money and material possessions can influence happiness, but the relationship is complex. While more money can increase happiness to a certain extent, there are diminishing returns as income increases. Comparing ourselves to others and striving for materialistic gains can lead to harmful arms races and dissatisfaction. Focusing on simple pleasures and prioritizing experiences over possessions can contribute to a greater sense of well-being.
Angner explores the factors that contribute to mental health and well-being. Poverty, unemployment, poor health, and religiosity are significant indicators of happiness. Unemployment not only affects income but also leads to feelings of loneliness and purposelessness. Regular churchgoers often experience higher levels of happiness due to the companionship and community they find. Building a society that accommodates people with disabilities is a political decision that can greatly impact overall well-being.
Erik Angner’s insights on economics and philosophy provide a fresh perspective on living a good life. By understanding the complexities of decision-making, managing expectations, valuing meaningful goals, and considering the impact of societal factors, we can navigate towards a happier and more fulfilling existence. By incorporating economic tools into our decision-making process, we can address big problems and create a society that fosters well-being for all.